Best Banks in Sweden for Expats: Open a Swedish Bank Account

Opening a bank account is one of the first things to do when you move to Sweden, one of the most cashless countries in the world – you will need a card and the Swish app for almost everything, and often a Swedish account to rent an apartment. This guide compares the best banks in Sweden for foreigners, and explains how to open an account (even before you have a personnummer), plus BankID and Swish.

Banks in Sweden compared

These are the banks most used by expats and Swedes, shown against a few key features. Conditions change, so always check the bank’s current terms.

Opening a bank account as a foreigner (with or without a personnummer)

To open an account you generally need your passport or ID, proof of address, and proof of employment or study. With a personnummer (your Swedish personal ID number) the process is straightforward at any bank. The catch for newcomers is that a personnummer takes time, and traditional banks can be reluctant without one.

Two routes help before you have a personnummer:

• Digital banks – Revolut, N26 and Wise let you open an account online with just a passport, in an English app, and are excellent for currency exchange. They are the easiest first account for most newcomers.
• A coordination number – Some banks will open a limited account with a samordningsnummer (coordination number) or after you can show a job and address; ask the bank directly.

BankID and Swish explained

BankID is Sweden’s national digital ID. You use it to log in and approve payments almost everywhere – banks, government services, shops. You generally need a personnummer and a Swedish bank account to get BankID, which is why setting up banking early matters. Swish is Sweden’s hugely popular instant-payment app, linked to your bank account and BankID and accepted everywhere from shops to splitting a bill with friends. Between a card, BankID and Swish, you rarely need cash.

The big Swedish banks

The four large traditional banks are SEB, Swedbank, Handelsbanken and Nordea. They offer full service – accounts, cards, loans, mortgages and investments – with branches in most towns. They are a solid long-term choice once you have a personnummer, and most let you do everything through a smartphone app once you are set up.

Digital banks for newcomers

N26 is an online bank growing in Sweden, with English information and no fees for withdrawing money abroad, which saves on foreign-exchange and ATM costs. The free account has no monthly fee and comes with a Mastercard accepted everywhere. See N26 for details.

Revolut is a fast, fully digital way to bank – ideal for transferring money between countries and budgeting from your phone. It offers spending analytics, cashback, low-cost international transfers at competitive exchange rates, and support for many currencies. You open an account in minutes in the Revolut app by verifying your ID with a quick selfie.

Swedbank is one of the big traditional banks, with branches in almost every city. To apply, bring your passport and either an employment contract or a certificate of enrolment (as with all Swedish banks). It lets you handle daily banking from your computer, tablet or phone. Note: borrowing money costs money.

Next steps

Once your account is set up, you can apply for a credit card and, if you want to invest, open an account with a Swedish online broker.

Frequently asked questions